I think it comes down to how complicated the “logic” of the application is, and where you have implemented it. If all your logic is in stored procedures, and all your application does is call those procedures and display the results, then developing entity objects is indeed a waste of time. But for an application where the objects have rich interactions with one another, and the database is just a persistence mechanism, there can be value to having those objects.
So, I’d say there is no one-size-fits-all answer. Developers do need to be aware that, sometimes, trying to be too OO can cause more problems than it solves.